Changes to The Mexican Tax Code for Vacation Rentals

by Property Rental Club, Friday, May 22, 2020, 22:53 (13 days ago)

Firstly I sincerely hope you are safe and healthy in
these difficult times.

No doubt 2020 will be a challenging year for us Property Owners in Mexico as
we must adapt to two important changes. Firstly, tourism for the next 12 months will be lower
than expected, as travelers regain confidence and the financial stability to visit us in Mexico
again. Secondly, we must be sure to adhere to the new changes to the Mexican tax code
pertaining to Rental Properties.

Many of our clients had been asking us for information about the upcoming changes, how to register for an RFC tax ID, if they needed a permanent/temporary residency, ect. So I wrote a short booklet about the new Tax Changes, what they mean to you, and how to be sure you are in compliance with the law while minimizing your tax liability. The document can be accessed using the link below.

https://docs.google.com/document/d/1RE5V00aSIXI_LPbQ3jAZ-B7hlL8X-WQxhm-vq1IAeHY/edit?usp=sharing

I hope you find this information useful.

Saludos,

Oscar

Avatar

Changes to The Mexican Tax Code for Vacation Rentals

by mosesk @, Ojai, CA, USA, Saturday, May 23, 2020, 07:32 (13 days ago) @ Property Rental Club

Firstly I sincerely hope you are safe and healthy in
these difficult times.

No doubt 2020 will be a challenging year for us Property Owners in Mexico as
we must adapt to two important changes. Firstly, tourism for the next 12 months will be lower
than expected, as travelers regain confidence and the financial stability to visit us in Mexico
again. Secondly, we must be sure to adhere to the new changes to the Mexican tax code
pertaining to Rental Properties.

Many of our clients had been asking us for information about the upcoming changes, how to register for an RFC tax ID, if they needed a permanent/temporary residency, ect. So I wrote a short booklet about the new Tax Changes, what they mean to you, and how to be sure you are in compliance with the law while minimizing your tax liability. The document can be accessed using the link below.

https://docs.google.com/document/d/1RE5V00aSIXI_LPbQ3jAZ-B7hlL8X-WQxhm-vq1IAeHY/edit?usp=sharing

I hope you find this information useful.

Saludos,

Oscar

Thank you for putting together that informative guide!.
I went by what I think is the SAT Office (Ejido 5?) a few weeks ago to inquire about an RFC number- not for rentals but for another matter. I think the attendant told me the office was closed for that purpose or I needed to make an appointment- I wasn't sure- my Spanish skills were tested that morning.
Could you please tell us what the procedure is for obtaining an RFC Number?
Perhaps you included it in your document- I skimmed it and may have missed it.
Thank you!

Avatar

Tramitar tu RFC

by ZihuaRob ⌂ @, Zihuatanejo, México, Saturday, May 23, 2020, 10:25 (13 days ago) @ mosesk

Firstly I sincerely hope you are safe and healthy in
these difficult times.

No doubt 2020 will be a challenging year for us Property Owners in Mexico as
we must adapt to two important changes. Firstly, tourism for the next 12 months will be lower
than expected, as travelers regain confidence and the financial stability to visit us in Mexico
again. Secondly, we must be sure to adhere to the new changes to the Mexican tax code
pertaining to Rental Properties.

Many of our clients had been asking us for information about the upcoming changes, how to register for an RFC tax ID, if they needed a permanent/temporary residency, ect. So I wrote a short booklet about the new Tax Changes, what they mean to you, and how to be sure you are in compliance with the law while minimizing your tax liability. The document can be accessed using the link below.

https://docs.google.com/document/d/1RE5V00aSIXI_LPbQ3jAZ-B7hlL8X-WQxhm-vq1IAeHY/edit?usp=sharing

I hope you find this information useful.

Saludos,

Oscar


Thank you for putting together that informative guide!.
I went by what I think is the SAT Office (Ejido 5?) a few weeks ago to inquire about an RFC number- not for rentals but for another matter. I think the attendant told me the office was closed for that purpose or I needed to make an appointment- I wasn't sure- my Spanish skills were tested that morning.
Could you please tell us what the procedure is for obtaining an RFC Number?
Perhaps you included it in your document- I skimmed it and may have missed it.
Thank you!

Amigo, you need to go to the federal government's website and start there. Look for the section that says "Impuestos y Contribuciones" and you'll see a link to a page regarding the trámite for your RFC. This is done on-line, not at their local office.

https://www.gob.mx/

Avatar

Tramitar tu RFC

by mosesk @, Ojai, CA, USA, Saturday, May 23, 2020, 12:18 (13 days ago) @ ZihuaRob

Firstly I sincerely hope you are safe and healthy in
these difficult times.

No doubt 2020 will be a challenging year for us Property Owners in Mexico as
we must adapt to two important changes. Firstly, tourism for the next 12 months will be lower
than expected, as travelers regain confidence and the financial stability to visit us in Mexico
again. Secondly, we must be sure to adhere to the new changes to the Mexican tax code
pertaining to Rental Properties.

Many of our clients had been asking us for information about the upcoming changes, how to register for an RFC tax ID, if they needed a permanent/temporary residency, ect. So I wrote a short booklet about the new Tax Changes, what they mean to you, and how to be sure you are in compliance with the law while minimizing your tax liability. The document can be accessed using the link below.

https://docs.google.com/document/d/1RE5V00aSIXI_LPbQ3jAZ-B7hlL8X-WQxhm-vq1IAeHY/edit?usp=sharing

I hope you find this information useful.

Saludos,

Oscar


Thank you for putting together that informative guide!.
I went by what I think is the SAT Office (Ejido 5?) a few weeks ago to inquire about an RFC number- not for rentals but for another matter. I think the attendant told me the office was closed for that purpose or I needed to make an appointment- I wasn't sure- my Spanish skills were tested that morning.
Could you please tell us what the procedure is for obtaining an RFC Number?
Perhaps you included it in your document- I skimmed it and may have missed it.
Thank you!


Amigo, you need to go to the federal government's website and start there. Look for the section that says "Impuestos y Contribuciones" and you'll see a link to a page regarding the trámite for your RFC. This is done on-line, not at their local office.

https://www.gob.mx/

Excelente!
Gracias

Changes to The Mexican Tax Code for Vacation Rentals

by Property Rental Club, Saturday, May 23, 2020, 10:53 (13 days ago) @ mosesk

Hi Mosesk,


In an effort to keep the booklet from getting any longer than it already was I omitted the step by step procedure for applying for an RFC but I will gladly expand on it now.

1. You must be a citizen or resident of Mexico to apply for an RFC
(You can also apply for an RFC if you set up a Mexican Corporation, this has its own procedure and accounting responsibilities. I will ignore this process for now but if you would like me to expand on this, just ask)

2. Set Up an appointment through the SAT website. Using the link bellow
https://www.sat.gob.mx/tramites/52268/agenda-una-cita
-> Click the yellow "Iniciar" button
-> Click the red "Registrar Cita" button
->On the box on the left hand side find and click on Guerrero then MTS Zihuatanejo
-> On the right hand side select the "Inscripción de Personas Físicas (casos especiales)" option
-> Close the pop up window that pops up
-> Click "Siguiente" on the bottom right
-> Enter your information on the right hand side then select an available date on the calendar.

3. Things You need to bring to your appointment
- An Identification
- Your CURP( if you have one ) or your permanent/ temporary residency card
- A notarized power of attorney for your legal representative when you are out of the country
- Your last tax declaration with your Tax ID from the CRA or IRS (To avoid double taxation, see booklet)
- A utility bill as proof of residence for your address in Mexico (Preferably a bill from CFE)
- A USB drive to save your e-signature (this will be needed by your accountant to do your tax declarations)

4. Please refer to the Regimen de Incorporacion Fiscal (RIF) section on the booklet for information on lowering your tax liabilities through this special government program.

Avatar

Changes to The Mexican Tax Code for Vacation Rentals

by mosesk @, Ojai, CA, USA, Saturday, May 23, 2020, 17:07 (13 days ago) @ Property Rental Club

Hi Mosesk,


In an effort to keep the booklet from getting any longer than it already was I omitted the step by step procedure for applying for an RFC but I will gladly expand on it now.

1. You must be a citizen or resident of Mexico to apply for an RFC
(You can also apply for an RFC if you set up a Mexican Corporation, this has its own procedure and accounting responsibilities. I will ignore this process for now but if you would like me to expand on this, just ask)

2. Set Up an appointment through the SAT website. Using the link bellow
https://www.sat.gob.mx/tramites/52268/agenda-una-cita
-> Click the yellow "Iniciar" button
-> Click the red "Registrar Cita" button
->On the box on the left hand side find and click on Guerrero then MTS Zihuatanejo
-> On the right hand side select the "Inscripción de Personas Físicas (casos especiales)" option
-> Close the pop up window that pops up
-> Click "Siguiente" on the bottom right
-> Enter your information on the right hand side then select an available date on the calendar.

3. Things You need to bring to your appointment
- An Identification
- Your CURP( if you have one ) or your permanent/ temporary residency card
- A notarized power of attorney for your legal representative when you are out of the country
- Your last tax declaration with your Tax ID from the CRA or IRS (To avoid double taxation, see booklet)
- A utility bill as proof of residence for your address in Mexico (Preferably a bill from CFE)
- A USB drive to save your e-signature (this will be needed by your accountant to do your tax declarations)

4. Please refer to the Regimen de Incorporacion Fiscal (RIF) section on the booklet for information on lowering your tax liabilities through this special government program.

I tried following your excellent directions but when I came to the page to pick a date and time I was unable to do so.
I went all the way to the end of this year.
Maybe I missed something?

Avatar

Changes to The Mexican Tax Code for Vacation Rentals

by Talley Ho @, Playa la Ropa, Saturday, May 23, 2020, 18:49 (13 days ago) @ mosesk

We always try to do things ourselves, but when it came to our rental and doing it legally, we finally hired assistance. Not expensive, very fast and worth every peso.

He is also teaching us how to do our own reporting.

Changes to The Mexican Tax Code for Vacation Rental Tally Ho

by Big Apple loves Z, Monday, May 25, 2020, 14:51 (11 days ago) @ Talley Ho

Hi Tally Ho...who do you use?

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Changes to The Mexican Tax Code for Vacation Rental Tally Ho

by Talley Ho @, Playa la Ropa, Monday, May 25, 2020, 15:03 (11 days ago) @ Big Apple loves Z

ELDER GARDUÑO <elder.garduno@prodigy.net.mx>

755 557 1118 cell

Some friends use him, he used to work for Judith Whitehead and Rob recommends him highly. So far, we are happy. Feel free to drop my name too.

Avatar

Changes to The Mexican Tax Code for Vacation Rental Tally Ho

by mosesk @, Ojai, CA, USA, Monday, May 25, 2020, 15:37 (11 days ago) @ Talley Ho
edited by mosesk, Monday, May 25, 2020, 16:05

ELDER GARDUÑO <elder.garduno@prodigy.net.mx>

755 557 1118 cell

Some friends use him, he used to work for Judith Whitehead and Rob recommends him highly. So far, we are happy. Feel free to drop my name too.

Elder is an accountant, no?
Is he handling the rental property management part of it?
Or just the accounting?

Avatar

Changes to The Mexican Tax Code for Vacation Rental Tally Ho

by Talley Ho @, Playa la Ropa, Monday, May 25, 2020, 15:48 (11 days ago) @ mosesk

Just the accounting, but he also set me up with the forms I needed for Immigration all filled out, so that was easy, and got the tax numbers. He will also do the monthly reporting, but when I asked about doing it myself he offered to show me how.

Speaks English, too.

Avatar

Changes to The Mexican Tax Code for Vacation Rentals

by ZihuaRob ⌂ @, Zihuatanejo, México, Saturday, May 23, 2020, 22:11 (12 days ago) @ Property Rental Club

Thank you for your informative participation, Oscar. You offer some of the nicest vacation rental properties in the region. Un saludo.